Shareholders Embrace Pietro Labriola’s Plan for Telecom Italia’s Fixed Network Asset Sale

Pietro Labriola was recently re-elected as CEO of Telecom Italia for a second term, after receiving the support of shareholders for his strategy to sell the operator’s fixed network assets. During the annual meeting, Labriola’s slate of candidates won six out of nine seats on the board of directors.

Despite opposition from investment companies Merlyn Partners and BlueBell Capital Partners, who won two and one seat respectively, Labriola’s reelection signifies strong support for the sale of the fixed-line business. These companies, with a 0.5 percent stake each in Telecom Italia, have criticized the operator’s current strategy and its plan to offload assets to KKR through NetCo.

The sale of the fixed network assets, valued at €18.8 billion, aims to reduce Telecom Italia’s debt load. Despite opposition from Vivendi, the operator’s largest shareholder holding 24 percent, they abstained from voting on the matter. Labriola’s victory in the shareholder vote demonstrates widespread approval for this strategic decision.